Questions The Answers In Details - Essay Writing Expert

QUESTION 1

Predict how each of the following events will increase or decrease the quantity of oil workers in Texas.

New oil-drilling equipment is invented that is cheap and requires few workers to run will, this will

quantity of oil workers in Texas

Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry this will

quantity of oil workers in Texas

Government imposes costly new regulations to make oil-drilling a safer job, this will

quantity of oil workers in Texas

2 points

QUESTION 2

The diagram above illustrates how demand and supply determine equilibrium in this labor market. The demand curve of those employers who want to hire nurses intersects with the supply curve of those who are qualified and willing to work as nurses at the equilibrium point .

The equilibrium salary is $

. Give a numerical value and exclude the $ sign.

Use the following terms to fill in the blanks below, some terms may be used more than one time, increase,decrease, right, left, shortage, surplus, downward, movement, quantity demanded, derived

If salary increased to $ 75,000 there will be

and if salary decreased to $60,000, there will be

A change in the wage or salary will result in a change in the

of labor.

If the wage rate increases, the quantity of labor demanded will

and there will be a

upward along the demand curve.

If the wages and salaries decrease, the quantity of labor demanded will

resulting in a

movement along the demand curve.

Demand for labor is based on the demand for the good or service that is produced, this is called a

demand.

As the demand for the goods and services increases, the demand for labor will

or shift to the

to meet employers production requirements.

As the demand for the goods and services decreases, the demand for labor will

or shift to the

4 points

QUESTION 3

The table shows the quantity of financial capital that consumers demand at various interest rates and the quantity that credit card firms are willing to supply.

Interest rate

Qd of financial capital ($billions)

Qs of financial capital ($ billions)

800

420

700

510

600

550

660

500

720

480

750

The interest rate at equilibrium is

The quantity of financial capital loaned and borrowed at equilibrium is

Use the following concepts to fill in the blanks below, more, reduce, less than, decrease, increase, surplus, shortage, intertemporal decision making, right, left,

Above equilibrium quantity demanded would be

than quantity supplied.

As the interest rate rises, consumers will

the quantity that they borrow.

As the interest rate paid on credit card borrowing rises,

firms will be eager to issue credit cards and to encourage customers to use them.

Conversely, if the interest rate on credit cards falls, the quantity of financial capital supplied in the credit card market will

and the quantity demanded will

If the interest rate is above the equilibrium level, then a

, of financial capital will arise in this market.

If the interest rate is below the equilibrium, then a

of funds occurs in this market.

People make investment or savings decisions across a period of time, sometimes a long period this is called

If their incomes increase, people

savings.

In the technology boom of the late 1990s, many businesses became extremely confident that investments in new technology would have a high rate of return, and their demand for financial capital shifted to the

During the 2008 and 2009 Great Recession, demand for financial capital at any given interest rate shifted to the

left

4 points

QUESTION 4

In the labor market, what causes a movement along the demand curve?

the demand for the goods and services decreases

Increased levels of productivity within the workforce

If the wage rate increases,

An increase in the number of companies producing a given product

0.5 points

QUESTION 5

Select the correct answer. A price floor will usually shift:

demand

supply

both demand and supply

Neither demand nor supply

0.5 points

QUESTION 6

The demand for labor is called a â€œderived demand.â€ Which of the following is not an example of derived demand for labor:

the demand for chefs is dependent on the demand for restaurant meals.

The demand for attorneys is dependent on the demand for legal sevices.

The demand for pharmacists is dependent on the demand for prescription drugs.

All of the above are examples of derived demand

0.5 points

QUESTION 7

The diagram below illustrates demand and supply in the financial market for credit cards. The horizontal axis of the financial market shows the quantity of money loaned or borrowed in this market. The vertical or price axis shows the rate of return, which in the case of credit card borrowing we can measure with an interest rate.

After the pandemic many students who had dropped out of school will return to school, they will need money to pay for their expenses and hence they will increase their borrowing. What effect will this have on the diagram?

The demand curve shifts right then the interest rate will decrease

The demand curve shifts right then the interest rate will increase

The demand curve shifts left then the interest rate will decrease

0.5 points

QUESTION 8

At an interest rate of 13%,

the quantity of funds credit card borrowers demand decreases to $500 billion,

the quantity of funds credit card borrowers demand increases to $700 billion,

there is excess supply of funds

None of the above

0.5 points

QUESTION 9

The figure below illustrates demand and supply in the financial market for credit cards. The horizontal axis of the financial market shows the quantity of money loaned or borrowed in this market. The vertical or price axis shows the rate of return, which in the case of credit card borrowing we can measure with an interest rate.

During the pandemic incomes decreased so people were saving less,how would this affect the diagram

The demand curve shifts right

The demand curve shifts left

The supply curve shifts right

The supply curve shifts left

0.5 points

QUESTION 10

The figure below illustrates how demand and supply determine equilibrium in this labor market. The horizontal axis shows the quantity of nurses hired. The vertical axis shows the price for nurses labor that is, how much they are paid.

Which of the following statements is false?

As the salary for nurses rises, the quantity demanded will fall.

As the salary for nurses rises, the quantity supplied will rise.

The equilibrium quantity of nurses is 34,000, and the equilibrium salary is $70,000 per year.

All the statements are true

0.5 points

QUESTION 11

Due to the COVID-19 pandemic the federal government rules require that more nurses be hired to carry out certain medical procedures. How will this affect the market represented in the diagram above?

The demand curve will shift left and wages will decrease

The demand curve will shift right and wages will decrease

The demand curve will shift right and wages will increase

The demand curve will shift left and wages will increase

0.5 points

QUESTION 12

Due to a health pandemic the government puts in place policies that encourage immigration of nurses into the USA. What effect does this have on the nursing market depicted in the diagram above?

The supply curve shifts to the right and the wages decrease

The supply curve shifts to the right and the wages increase

The supply curve shifts to the left and the wages increase

The supply curve shifts to the left and the wages decrease

0.5 points

QUESTION 13

The table below shows the quantity of financial capital that consumers demand (Qd) at various interest rates and the quantity that credit card firms (often banks) are willing to supply (Qs).

Interest rate(%)

Qd of financial capital ($billions)

Qs of financial capital ($ billions)

800

420

700

510

600

550

660

500

720

480

750

What is the equilibrium rate of interest in this market?

0.5 points

QUESTION 14

When the economy slows down due to a pandemic many people lose their jobs reducing income, what is most likely to happen to demand for cars?

The demand curve will shift to the right

The demand curve will shift to the left

The quantity demanded decreases

The quantity demanded increases

0.5 points

QUESTION 15

When the price of steel increases,the

Supply curve of cars shifts left

Supply curve of cars shifts right

Supply curve of steel shifts right

Supply curve of steel shifts left

0.5 points

QUESTION 16

Which of the following changes in the financial market will lead to a decline in interest rates:

a rise in demand

a fall in demand

a rise in supply

None of the above

0.5 points

QUESTION 17

Which of the following changes in the financial market will lead to an increase in the quantity of loans made and received:

a rise in demand

a fall in demand

a rise in supply

a fall in supply

0.5 points

QUESTION 18

Which of the following factors will not shift the supply curve of nurses?

The government offers subsidies for nursing schools or nursing students.

Population grows when birth rates exceed death rates.

More women working outside of the home.

A change in salary.

0.5 points

QUESTION 19

Which of the following factors will shift the demand curve for iPhone 12 Pro to the right?

Apple announces the launch of a newer iPhone

Due to the pandemic many people lose their jobs

Samsung lowers the price of the latest Samsung phone

Apple lowers the price of Apps.

0.5 points

QUESTION 20

Which of the following statements is not correct as applied in the labor market

The demand curve for labor shows the quantity of labor employers wish to hire at any given salary or wage rate, under the ceteris paribus assumption.

If the wage rate increases, employers will want to hire more employees. The quantity of labor demanded will increase.

If the wages and salaries decrease, the quantity of labor demanded will increase, resulting in a downward movement along the demand curve.

A change in the wage or salary will result in a change in the quantity demanded of labor.

0.5 points

QUESTION 21

Which of the following statements is true?

When income rises demand for inferior goods will increase

When incomes increase the demand curve for rental apartments which are normal goods will shift to the right

As incomes decrease the demand curve for generic brand groceries which are inferior goods shifts to the right

None of the statements is true

0.5 points

QUESTION 22

Which of the following statements is true?

When the price of cars decreases the demand curve for gasoline will shift to the left

When price of golf balls increases the demand curve for golf clubs will shift to the right

When the price of notebooks decreases the demand curve for pens will shift to the left

When price of skis decreases the demand curve for ski resort trips will shift to the right

0.5 points

QUESTION 23

The figure below illustrates the situation of a city considering a living wage law. For simplicity, we assume that there is no federal minimum wage. The wage appears on the vertical axis, because the wage is the price in the labor market. Before the passage of the living wage law, the equilibrium wage is $10 per hour and the city hires 1,200 workers at this wage. However, a group of concerned citizens persuades the city council to enact a living wage law requiring employers to pay no less than $12 per hour.

However, a group of concerned citizens persuades the city council to enact a living wage law requiring employers to pay no less than $12 per hour. In response to the higher wage which of the following is not likely to happen?

1,600 workers look for jobs with the city.

At this higher wage, the city, as an employer, is willing to hire only 700 workers.

At the price floor, there is a shortage of labor

At the price floor, the quantity supplied exceeds the quantity demanded